NORTH PLAINFIELD, NJ-Retail leasing continued healthy into the last part of the year, according to Levin Management, which says it executed more than 295,000 square feet of renewals and transactions from Easter through Labor Day.

“Following 2012's marked improvement in leasing volume, 2013 has seen a continuation of that momentum,” said the North Plainfield-based firm's Michael Cohen. “We are seeing demand from national, local and franchise companies. The category base reflects broad variety as well, with restaurants, apparel, pet supplies, gyms and personal services tenants among the most active tenant types – following several years in which value-oriented retailers dominated.”

The Levin report is in line with Marcus & Millichap's third-quarter analysis for investors in retail property, whch said the type of retail activity is diversifying and the overall vacancy rate is falling. M&M says vacancy should deline to 5.5% by year's end, the lowest rate since 2009.

Levin reported leasing over that quarter included these transactions in:

  • Somerset County - At Somerset Shopping Center in Bridgewater, Meridian Evolution of Energy signed for 16,473 square feet and New York & Co. took 7,446 square feet, while four tenants renewed leases including Rite Aid for 14,175 square feet.
  • Mercer County - At Capital Plaza in Ewing, three tenants renewed including Jersey College (which also expanded from 10,000 to 30,000 square feet), Ashley Stewart (5,240 square feet) and Victorian Beauty Supply (4,598 square feet).
  • Burlington County – At Fairgrounds Plaza in Mt. Holly, Acme renewed its 64,917-square-foot lease, the State of NJ - DMV recommitted for 10,000 square feet, and Beneficial Mutual Savings Bank for 2,607 square feet.
  • Middlesex County - Duds 'N Suds renewed for 2,500 square feet at St. George's Crossing in Woodbridge, while Apple Hill Academy renewed for 11,690 square feet at 2500 Route 9 Plaza Old Bridge. In North Brunswick at North Village Shopping Center, Smashburger leased 1,607 square feet, while Panera renewed for 5,114 square feet. Tansmania signed a 3,571-square-foot lease at Brunswick Shopping Center in North Brunswick.
  • Union County - Hallmark signed a 5,200-square-foot renewal at Galloping Hill Center in Union.
  • Bergen County - Two tenants renewed at Parmus Place in Paramus, Modell's for 15,330 square feet and Panera, 5,842 square feet)
  • Essex County - Chipotle Mexican Grill signed for 2,557 square feet at West Orange Plaza in West Orange.
  • Passaic County - Work 'N Gear renewed its 3,247-square-foot lease at Clifton Plaza in Clifton.
  • Sussex County - Frank's Pizza renewed for 3,260 square feet at CVS Plaza in Sparta.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

New Jersey